Please use this identifier to cite or link to this item: http://hdl.handle.net/1822/23035

TitleOil shocks and the euro as an optimum currency area
Author(s)Conraria, Luís Aguiar
Rodrigues, Teresa Maria
Soares, M. J.
KeywordsOil prices
Business cyles
the Euro
Optimum currency areas
Wavelet analysis
Issue date2013
PublisherUniversidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE)
Abstract(s)We use wavelet analysis to study the impact of the Euro adoption on the oil price macroeconomy relation in the Euroland. We uncover evidence that the oil-macroeconomy relation changed in the past decades. We show that after the Euro adoption some countries became more similar with respect to how their macroeconomies react to oil shocks. However, we also conclude that the adoption of the common currency did not contribute to a higher degree of synchronization between Portugal, Ireland and Belgium and the rest of the countries in the Euroland. On the contrary, in these countries the macroeconomic reaction to an oil shock became more asymmetric after adopting the Euro.
TypeWorking paper
URIhttp://hdl.handle.net/1822/23035
Publisher versionhttp://new.nipe.eeg.uminho.pt/Uploads/NIPE_WP_01_2013.pdf
Peer-Reviewedno
AccessOpen access
Appears in Collections:NIPE - Documentos de Trabalho

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